Citi to Move NYC Headquarters to Lower Manhattan

Citigroup Inc will relocate its global headquarters to lower Manhattan as part of a $1 billion lease and renovation deal, Crain's New York Business reported on Thursday.

According to Crain's, the bank would move from 399 Park Avenue in New York City, where it has been based for decades, to Greenwich Street, where Citigroup signed a more than $1 billion deal to renew its lease plus gut and renovate a twin-building complex that it already occupies at 388 and 390 Greenwich Street.

The deal is a major victory for landlord SL Green, which had competed for months to hold onto Citi as a tenant. Combined, 388 and 390 Greenwich Street is the largest single property that SL Green owns, Crain's said.

SL Green confirmed the lease extension in a press release, while Citigroup declined to comment.